72                                LAWS OF MARYLAND                         [CH. 39

the General Public School Construction Loan of 1953 from 3% to

[See page image for strike-through]

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 1 of Chapter 609 of the Acts of 1953 be and the same
is hereby repealed and re-enacted, with amendments, to read as
follows :

Section 1.

That the Board of Public Works is hereby authorized and directed
to issue a State loan to be known as the "General Public School Con-
struction Loan of 193 1953", in the aggregate sum of Twenty Million
Dollars ($20,000,000).

The certificates evidencing said loan may be issued all at one time
or, in groups, from time to time, as hereinafter provided. All of
said certificates evidencing said loan, or any group thereof, shall be
issued according to what is known as the serial annuity plan so
worked out as to discharge the principal represented by said certificate
within fifteen (15) years from the time of its issue, provided, how-
ever, that it shall not be necessary to provide for the redemption of
any part of the principal represented by any certificate for the first
two (2) years from the time of the issuance of said certificate.

The Board of Public Works or a majority of them shall and are
hereby authorized and empowered to pass a resolution or resolutions,
from time to time, determining and setting forth:

(a)   The proportion of the total loan authorized by this Act
which shall be issued at any particular time;

(b)   The form of the certificates representing the loan or any part
thereof so authorized to be issued at any particular time, including
any interest coupons to be attached thereto, and provisions for the
issuance of certificates in registered form, provisions for the regis-
tration of any coupon certificate as to principal of loan and for the